Azerbaijan Deposit Insurance Fund to start operating in August

The fund is expected to open in August, chairman of the Board of Trustees Chingiz Asadullayev told journalists.

Chingiz Asadullayev said that Azad Javadov, before worked in AtaHolding OJSC, was elected executive director of Deposit Insurance Fund at the first meeting of the council.

“The fund is planned to start operating in August. National Bank of Azerbaijan is choosing the member banks and has already made a list of 19 member banks. These are banks trusted by National Bank and having over AZN 10mln. capital,” he said

Mr. Asadullayev noted that the starting-up capital of Azerbaijan Deposit Insurance Fund will be formed at the expenditure of AZN 10,000-membership fees for each bank. Allocations are planned to be made for the fund in accordance with the law on insurance of deposits.

/APA-Economics/